Dealmaker: iBorrow, Reuben Brothers Provide $87M for West Hollywood Hotel
(8300 Sunset Boulevard, West Hollywood, Calif.)
iBorrow, Los Angeles, and Reuben Brothers, London, provided $86.7 million for a hotel formerly known as the Standard Hotel in West Hollywood, Calif.
The bridge financing allowed sponsors Ian Schrager and Ed Scheetz to acquire the 139-key property at 8300 Sunset Boulevard in West Hollywood.
“We’ve observed that the hospitality sector has experienced increasing demand in gateway cities, including Los Angeles, and we are confident in the ability of this successful and experienced team of hotel operators to execute on their plan as West Hollywood continues to draw tourists,” said Andy Peltz, iBorrow Co-Executive Chairman.
CBRE, Dallas, recently forecast increased revenue per available room growth for the hotel industry in 2023 despite economic challenges. The report said the sector should see growth in demand for leisure and corporate travel.